Give four examples for revenue receipts of the not-for-profit organisation.

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Chapter 2: Accounts of not–for–profit organisation - Very short answer questions [Page 70]

Chapter 2 Accounts of not–for–profit organisation
Very short answer questions | Q II 6. | Page 70

Fees paid by persons to become members of a ‘Not for Profit’ concern.

Write the word/phrase/term, which can substitute the following sentence.

Accounts which records only cash transactions in case of Not for Profit Concern.

State whether the following statement is True or False with reasons.

Receipts and Payments Account contains only the transactions relating to the current year.

In Receipts and Payments Account the summary of _____ transactions are recorded.

Life membership fees are treated as which type of receipt and is directly credited to the capital fund?

Assertion (A): The Subscription received during the year is recorded in the Receipts and Payments Account.

Reason (R): Receipts and Payments Account records all the cash transactions whether pertaining to the current year or the previous year.

Sports expenses ₹ 27,000 (excluding ₹ 7,000 unpaid expenses). The amount to be credited to Receipts and Payments Account will be:

Payment of Honorarium of Secretary is a ______.

Do you agree or disagree with the following statements:

All receipts are the items of revenue income.

Mumbai University prepares ______ Account instead of a Profit and Loss account.